TORONTOMay 20, 2020 /CNW/ – Auto insurance premiums are determined using a variety of factors, including a person’s driving record, years of driving experience, insurance history, vehicle make and model, type of usage, type of coverage, deductible, and so on. But one of the many factors that also has an impact on what people pay for auto insurance is gender.

It’s generally understood that men pay more than women for car insurance, particularly when they’re young and signing onto their first policy. What isn’t clear is how men fare over time. “To understand the correlation between age, gender and auto insurance premiums, we used our car insurance quoter to collect test data for male and female drivers aged 17-60, from three major Canadian cities,” said Justin Thouin, Co-Founder and CEO of financial rate comparison site LowestRates.ca. Today, the company released a report to illustrate how gender affects auto insurance in TorontoMontreal and Calgary. While the data looks at three cities, these trends are similar across all of Canada.

The report shows:

In Downtown Toronto:

  • Between the ages of 17-19, men pay 27% more annually for car insurance than women
  • Between the ages of 20-24, men pay 11% more annually for car insurance than women
  • Between the ages of 25-30, men pay 3% more annually for car insurance than women
  • Between the ages of 31-40, men pay 5% more annually for car insurance than women
  • From the age of 40 onwards, men and women pay equally for car insurance

In Downtown Montreal:

  • Between the ages of 17-19, men pay 16% more annually for car insurance than women
  • Between the ages of 20-24, men pay 14% more annually for car insurance than women
  • Between the ages of 25-30, men pay 19% more annually for car insurance than women
  • Between the ages of 31-40, men pay 14% more annually for car insurance than women
  • Between the ages of 40-50, men pay 11% more annually for car insurance than women
  • Between the ages of 50-60, men pay 11% more annually for car insurance than women

In Downtown Calgary:

  • Between the ages of 17-19, men pay 12% more annually for car insurance than women
  • Between the ages of 20-24, men pay 2% more annually for car insurance than women
  • Between the ages of 25-30, men pay 2% more annually for car insurance than women
  • Between the ages of 31-40, men pay 3% more annually for car insurance than women
  • Between the ages of 40-50, men pay 5% more annually for car insurance than women
  • Between the ages of 50-60, men pay 4% more annually for car insurance than women

Thouin said there are several reasons why men are charged more than women for auto insurance in Canada. “Statistics show that men are far more prone to road accidents, and they are also over three times more likely to drive under the influence of drugs and alcohol than women. We’ve also seen that men are also more likely than women to commit traffic infractions, such as dangerous driving.”

Thouin emphasized that while gender and age do play a role in determining car insurance premiums, these factors don’t supersede other important parameters like a clean driving record, having no insurance gap or claims history. ” Irrespective of gender, anyone who drives safely, follows traffic rules, and has no insurance gap for a significant amount of time can reduce their insurance premiums.”

About LowestRates.ca

LowestRates.ca is an online rate comparison site for insurance, mortgages, loans and credit card rates in Canada. The free, independent service connects consumers directly with financial institutions and providers from all over North America to offer Canadians a comprehensive list of rates. LowestRates.ca’s mission is to help Canadians become more financially literate, with the near-term goal of saving them $1 billion in interest and fees.

SOURCE LowestRates.ca

 

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